Farms are classified as either hobby or commercial farms based on the valuer’s assessment.
However, there are ways to get assessed like a standard home loan applicant depending on the strength of your case and the lender.
If your assets, income and employment position is strong and stable enough to service the mortgage without income from the farm, we may be able to get you approved with some lenders.
Please note that you can access cheaper interest rates with hobby farm loans than with commercial loans.
Are not used for commercial income purposes or speculative investment purposes.
May be used for growing crops and to raise livestock. However, this must be for the purposes of recreation or lifestyle.
Are valued based only on the land and any buildings on it. No machinery, livestock, crops or other rural income producing assets will be included as with commercial farms.
We are specialist rural farm loan mortgage brokers.
Speak to us directly by calling on 1300 889 743 or fill in our free assessment form.